Astellas Pharma and OSI Pharmaceuticals claimed that the combined company creates an oncology platform supporting Astellas Pharmas’ stated growth strategy. OSI commercialises Tarceva (erlotinib), a cancer medication.
As per the terms of the merger agreement, Astellas Pharma is expected to increase its offer price to $57.50 per share, which represents a premium of 55% to the closing price for OSI’s shares of $37.02 on February 26, 2010, the last trading day before the announcement by Astellas of its tender offer.
Masafumi Nogimori, president and CEO of Astellas Pharma, said: “The merger with OSI provides Astellas with an oncology platform in the US and an expanded product portfolio and pipelines. In addition to Tarceva, we are pleased to add its oncology infrastructure, discovery platform, expanded pipelines and talent base to our existing businesses.”
Colin Goddard, CEO of OSI Pharmaceuticals, said: “We believe this acquisition recognises the value we have built for our stockholders while providing the merged companies the opportunity to forge a stronger collective path forward in a shared mission to provide new medicines to patients around the world.”